Overview of the American Express gold card
There are many different credit cards you can get on the current market including those by American Express. One credit card that American Express offers is called the American Express Gold Card. It has numerous benefits for individuals don’t want to eat at restaurants or do shopping through a supermarket. With this card, you can get $120 towards dining credits each year. Here is a little bit more about this card and what it can offer you.
About American Express Gold Card
This card is designed for individuals that like to eat out often. If you want to earn rewards with your card this is the card that you should pick up. On the downside, you’re going to have to pay an annual fee of $250 but this is waived for the first year that you own the card. For new users, this card will give you a welcome bonus of 35,000 points once you spend $2,000 when you have owned the card for three months. This isn’t the best bonus because other cards offer 50,000 to 100,000 points but it is still a decent offer. if you purchase this card through the American Express website you may be able to get a 50,000 Point welcome bonus
Redeeming Your Points
Once you receive your reward points you can transfer these to various companies there are several hotels and airlines that you can transfer points to. This will allow you to book flights as well as stay at a couple of hotels provided you have enough points to pay for your airfare or your hotel room. You can use these points through other retailers such as Uber, Amazon, buy gift cards, and so on. Please refer to the American Express website for more information about redeeming your points and what locations accept American Express points.
Reasons Not to Own This Card
Here are several reasons why you might not want to own an American Express card. Getting this card will be entirely up to you but for some individuals this card may not be the best option.
High Annual Fee
One of the biggest sticking points for this card is that it has a $250 annual fee. This is quite high for a premium card but it will all depend upon how often you use it. If you’re using your card often, the fee might not be that high. For individuals that are on a budget, this card probably isn’t a good idea because the fee is quite high. you might want to look for a card that has no annual fee.
You Need Good Credit
If you have poor or no credit, this card is not going to be an option for you. For most American Express cards including the American Express Gold Card, you need to have excellent credit. If you don’t have good credit, you should look at another card because you won’t even be accepted for this one.
It’s a Charge Card
This card shouldn’t be referred to as a credit card as it is actually a charge card. You need to pay off your balance in full each month. The card is not accepted everywhere. Not every Merchant is going to take an American Express card. It doesn’t matter how good the rewards are the benefits are if a merchant isn’t going to take your card you’re going to have to use it someplace else. If you want more of a credit card and an all-around card you should go with a Mastercard or a Visa card. If you do own an American Express card having one of these cards is an excellent backup option.
Reasons to Own This Card
You’re a frequent flyer
If you are often taking Airlines and booking your trips directly through those airlines, you should get this card. Many other airlines off you just one mile per dollar on your airfare. If you book directly with the airline You earn If you book directly with the airline you will earn three times the points with this card 3x the points with this card. Each calendar year you will also get $100 in statement credits. This can help cover other fees from the airline such as in-flight food, checked bags, entertainment, lounge passes, and so on. For those that do a lot of flying, the American Express Gold Card is a solid option.
You Get Deals
When you get a new card you often have to wait for rewards to accumulate and this can be very frustrating. When you get this card, you get 35,000 membership rewards when you make $2,000 in purchases a within 3 months of card ownership. You will also get other rewards that you earn during that same. If you do a lot of grocery shopping then you will learn 4x the points at United States supermarkets. If you spend $200 each week at a US supermarket and then you will earn 41,600 reward points in a single year. If you are a frequent diner at US restaurants, you are going to earn four times the points. If you spent $150 each week at a US restaurant it would earn your 31,200 points in a calendar year. If you’re someone that wants a deal whenever you eat out or do a lot of supermarket shopping, this probably is the card for you.
No Transaction Fees At Foreign Destinations
When you take your card outside of the United States you’re not going to have to worry about foreign transaction fees. Some other cards will charge you between 2.7% to 3% on your purchases that you make outside of the United States. If you are a frequent flyer overseas, this is the card you want to take with you because there are no fees.
No Fees for More Cards
You can get up to five cards without additional fees. Iff you have six or more cards then the annual fee will be $35 for each card. This would allow you to add family members as a card number without having to spend any more on annual fees.
This card features other types of perks. For example, if you booked through American Express Travel for at least two consecutive nights then you will save $75 in hotel credit and other charges that qualify. You will also get a room upgrade when you arrive.
When you travel you’ll get baggage insurance for baggage that is either damaged or stolen. For checked baggage, you get $500 and for your carry-on luggage, you get $1,250. if you’re renting a car, you can get damage and rental loss Insurance on car rentals that are eligible. Just make note that this will not cover liability. if you’re taking a road trip you can get roadside assistance with this card. This covers things such as towing, emergency service, jump start, flat tire service, and so on. You can use this roadside service up to four times each year.
If you need to return an item than this card gives you return protection. If a vendor doesn’t accept your return within 90 days after your purchase then American Express is going to refund your price for eligible purchases.
In general, reviews for this card are quite positive. It’s not for everyone as it’s kind of expensive but for those that can afford it, it is a decent card. Here are some customer reviews to help you consider whether or not you want to own it. Most people had a positive result with the American Express Gold Card
“I like the fact that the points on this card tend to accumulate quite quickly. It’s your active with your card, you’re going to accumulate a lot of points in less time when you compare it to similar cards.”
“I don’t have any complaints with this card and I am happy that I got it. I enjoy the reward points that it gives me plus it is a very easy card to use and I can use it in various locations that I frequent anyway.”
“I wasn’t happy with the annual fee with this card. It’s a little bit too expensive for my taste but if you are a frequent card user it’s probably for you. For those that don’t use their American Express card very often, this probably isn’t the best option.”
The American Express gold card is an excellent card especially for those that eat out at US restaurants often and for those that shop at US supermarkets frequently. If you want to save money on your food purchases, this is an excellent card. This is also a good card for those that are frequent flyers and stay at hotel rooms.
This card is best for those don’t want to save on their dining or their Airlines. the annual fee for the card is a little high and for some individuals, it might not be the best choice. For those that are willing to pay the annual fee and use their American Express card frequently, the American Express Gold Card is a wise option.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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